Jadestone Energy Provides an Update on New Contract for Ogan Komering, Indonesia
Singapore, May 20, 2018: Jadestone Energy Inc. (TSXV:JSE) (the “Company” or “Jadestone”) announces that a new gross split Production Sharing Contract (“PSC”) for the Ogan Komering working area has been signed between PT Pertamina Hulu Energi Ogan Komering (“Pertamina”), Indonesia’s upstream regulator, SKKMIGAS, and Indonesia’s Minister of Energy and Mineral Resources, effective May 20, 2018. Pursuant to Ministry of Energy and Mineral Resources decree 1793K/12/MEM/2018, a 100% participating interest has been awarded to Pertamina on this license, as well as the other seven PSC’s currently being renewed in Indonesia.
Jadestone, as the prior partner in the original PSC with Pertamina, has been directed by SKKMIGAS to proceed with direct negotiations with Pertamina, for participation in the new gross split PSC. Jadestone is progressing its discussions with Pertamina, for participation in the new PSC, and expects to reach satisfactory terms and binding agreements by the end of July 2018, with participation to be effective with the commencement of the new PSC on May 20, 2018.
“I look forward to continuing the development of the Ogan Komering asset as a joint venture partner of choice with Pertamina, and fully support the operator’s plans for appraisal drilling of the existing gas discoveries during 2019,” commented Paul Blakeley, President and Chief Executive Officer, “Together with Pertamina, we can add significant value in Ogan Komering through early development of the Jantung Baru and North Meraksa discoveries, together with ongoing well interventions and infill drilling on the existing producing fields.”
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About Jadestone Energy Inc.
Jadestone Energy Inc. is a TSX-V listed oil and gas company headquartered in Singapore. The Company is currently engaged in production, development and exploration and appraisal activities in Australia, Indonesia, Vietnam and the Philippines. Following a recent strategic review, the Company is focusing on acquiring assets with production in the near term, and where significant follow-on reinvestment opportunities exist to enhance value, as well as undeveloped discoveries which may be rapidly brought to production.
Certain statements in this press release are forward-looking statements and information (collectively “forward-looking statements”), within the meaning of the applicable Canadian securities legislation, as well as other applicable international securities laws. The forward-looking statements contained in this press release are forward-looking and not historical facts. Some of the forward-looking statements may be identified by statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of phrases such as “expects”, “to proceed”, “look forward to continuing”).
In particular, forward-looking statements in this press release include, but are not limited to statements regarding: participation in the Ogan Komering PSC; exploration, production and financial results; and on-going and future transactions.
Because actual results or outcomes could differ materially from those expressed in any forward-looking statements, investors should not place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Some of these risks, uncertainties and other factors are similar to those faced by other oil and gas companies and some are unique to Jadestone.
The forward-looking information contained in this news release speaks only as of the date hereof. The Company does not assume any obligation to publicly update the information, except as may be required pursuant to applicable laws.
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